交银国际研究 公司更新 | 科技 | 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 3 月 2 日 | | --- | --- | --- | --- | --- | --- | --- | | +37.4% | 美元 | 200.21 | 美元 | 275.00 | | | | 超微半导体 (AMD US) | | | | | | | | 与 META 达成合作协议，关注项目落地进程 | | | | | | | 个股评级 买入 1 年股价表现 资料来源： FactSet 2/25 6/25 10/25 2/26 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% AMD US 标普500 股份资料 | 52周高位 (美元) | 264.33 | | --- | --- | | 52周低位 (美元) | 78.21 | | 市值 (百万美元) | 326,424.39 | | 日均成交量 (百万) | 31.31 | | 年初至今变化 (%) | (6.51) | | 200天平均价 (美元) | 208.02 | | 资料来源： Fact ...

交银国际研究 公司更新 | 科技 | 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 3 月 2 日 | | --- | --- | --- | --- | --- | --- | --- | | +37.4% | 美元 | 200.21 | 美元 | 275.00 | | | | 超微半导体 (AMD US) | | | | | | | | 与 META 达成合作协议，关注项目落地进程 | | | | | | | 个股评级 买入 童钰枫 1 年股价表现 资料来源： FactSet 2/25 6/25 10/25 2/26 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% AMD US 标普500 股份资料 | 52周高位 (美元) | 264.33 | | --- | --- | | 52周低位 (美元) | 78.21 | | 市值 (百万美元) | 326,424.39 | | 日均成交量 (百万) | 31.31 | | 年初至今变化 (%) | (6.51) | | 200天平均价 (美元) | 208.02 | | 资料来源： ...

资料显示，公司主营电源管理、电机驱动控制、电池管理、信号链及微控制器。 据公告，公司顺应市场变化，适时调整产品结构，依托产品性能和客户资源的优势，积极拓展新产品的市场份额，同时，公司坚定"以技术创新为驱动，以 市场需求为导向"的发展战略，通过精进设计、工艺升级及供应链优化，有效降低成本，并灵活调整产品结构及市场定价策略，推动公司营业利润增长，成 功实现扭亏为盈。 中证智能财讯必易微（688045）2月27日晚间披露2025年业绩快报，公司实现营业收入6.83亿元，同比下降0.7%；归母净利润1207.54万元，同比扭亏；扣非 净利润亏损350.27万元，上年同期亏损4628.23万元；基本每股收益0.17元，加权平均净资产收益率为0.88%。以2月27日收盘价计算，必易微目前市盈率 （TTM）约为286.22倍，市净率（LF）约2.5倍，市销率（TTM）约5.13倍。 以本次披露业绩快报数据计算，公司近年市盈率（TTM）图如下所示： 指标注解： 市盈率=总市值/净利润。当公司亏损时市盈率为负，此时用市盈率估值没有实际意义，往往用市净率或市销率做参考。 数据显示，2025年公司加权平均净资产收益率为0.88%， ...

Investment Rating - The investment rating for the company is "Buy" with a target price raised to $260, indicating a potential upside of 40.6% from the current price of $184.89 [5][16]. Core Insights - The report highlights enhanced visibility for long-term growth, particularly with the upcoming GTC product roadmap, which has led to an upward revision of the target price [2][12]. - The company is expected to achieve significant revenue growth, with projected revenues of $215.94 billion in 2026, reflecting a year-on-year increase of 65.5% [3][18]. - The management has indicated strong demand visibility for several quarters ahead, particularly in the AI sector, which is expected to drive further revenue growth [9][10]. Financial Overview - Revenue projections for the fiscal years are as follows: - 2025: $130.50 billion - 2026: $215.94 billion - 2027E: $354.50 billion - 2028E: $455.76 billion - 2029E: $500.56 billion - Year-on-year revenue growth rates are projected at 114.2% for 2025, 65.5% for 2026, and 64.2% for 2027 [3][18]. - Net profit is expected to grow from $74.27 billion in 2025 to $116.99 billion in 2026, with a projected EPS of $4.77 for 2026, reflecting a 59.4% increase [3][18]. - The company maintains a strong gross margin, with a Non-GAAP gross margin forecasted at 75.2% for FY1Q27 [8][12]. Market Position and Competitive Landscape - The report notes that the top five cloud service providers (CSPs) are expected to exceed $700 billion in capital expenditures for CY26, which is significantly higher than market expectations [9]. - The company is positioned to benefit from a diversified customer base, with non-CSP clients growing faster than cloud vendor revenues, enhancing long-term growth confidence [10][12]. - The upcoming GTC event is anticipated to showcase new products, including CPUs, GPUs, and DPUs, which will help maintain a competitive edge in the market [11][12].

报告期内，公司不断加大研发投入，丰富产品矩阵，对产品进行性能和质量提升，因此在不断加剧的市 场竞争环境下，公司产品毛利率仍达到了42.89%。同时公司加大新产品推广力度，拓宽下游销售渠 道，提升大客户份额。因此公司的研发费用和销售费用均有所增长，较上年合计增加3,641.57万元，增 长14.22%，从而导致公司本期利润下降。 格隆汇2月27日丨帝奥微(688381.SH)公布2025年度业绩快报，报告期内，公司实现营业收入56,204.64万 元，较上年同期（法定披露数据）增长6.80%；实现归属于母公司所有者的净利润-7,003.99万元，较上 年同期（法定披露数据）增加亏损2,297.17万元；实现归属于母公司所有者的扣除非经常性损益的净利 润-12,923.70万元，较上年同期（法定披露数据）增加亏损3,555.73万元。 ...

赛微微电晚间公告，2025年年度实现营业收入4.89亿元，同比增长24.34%；净利润9634.52万元，同比 增长22.20%。公司营业收入增加，主要受以下方面影响：（1）下游终端市场需求在本年度得到延续， 销售较上年同比增加；（2）公司持续优化产品结构，加快产品迭代，提升产品性能，推出有市场竞争 力的新产品，业务规模不断扩大；（3）加强客户资源累积，并积极争取市场份额，产品销售量有所增 加，最终实现了整体的营收增长。 ...

思特威公告称，2025年公司实现营业收入90.31亿元，同比增加51.32%；归属于母公司所有者的净利润 10.01亿元，同比增长154.97%；扣非净利润9.90亿元，同比增长152.89%；基本每股收益2.50元。截至 2025年末，总资产108.23亿元，较期初增长38.21%；归属于母公司的所有者权益52.22亿元，较期初增 长24.67%。业绩增长得益于多领域业务拓展与产品创新。数据为初步核算，以年报为准。 ...

科创芯片设计ETF天弘（589070）精准卡位云端训练芯片、边缘推理芯片、国产GPU三大高增长细 分赛道，完美契合AI算力爆发与国产替代的行业趋势。从数据来看，68%的AI芯片设计市场增速、12% 的国产GPU市场份额，为产品提供了坚实的业绩支撑；而40~45倍的合理估值与赛道协同优势，又平衡 了35%~45%的高波动风险。对于看好半导体设计赛道长期发展的投资者，科创芯片设计ETF天弘 （589070）是一站式捕捉细分赛道红利的高效工具。 科创芯片设计指数当前PE-TTM为254.79倍，处于近三年估值历史30.67%分位，低于近七成时间的 估值水平。当前区域具备较高性价比，估值压力相对较小，对长期配置资金具备一定吸引力。 消息面上，据凤凰网科技，AI芯片巨头英伟达公布2026财年第四季度财报，营收达创纪录的681亿 美元，同比增长73%，净利润暴涨94%。其核心数据中心业务收入同比增长75%至623亿美元，凸显AI 算力需求持续强劲。据智通财经，公司同时给出超预期的下一季度营收指引780亿美元。此外，英伟达 CEO黄仁勋指出，智能体AI的拐点已至，搭载NVLink的Grace Blackwell平台显著降低 ...

Core Insights - Fujian's economy is characterized by a vibrant private sector, high degree of outward orientation, and strong industrial resilience, with notable companies like CATL and Fuyao Glass leading the market [1] - The recent ESG-V rating by Jinan Jinxin highlights the transformation of market advantages into sustainable governance and long-term value for Fujian companies [1] ESG-V Rating Overview - Three companies, Ruixin Microelectronics, Yilian Network, and Gibit, achieved the highest AAA rating, representing the leading tier in Fujian's ESG-V landscape [2] - These AAA-rated companies are concentrated in the technology and digital economy sectors, indicating that long-term capital recognition is awarded to firms that integrate technological advantages with governance and value realization [2] Value Realization in Manufacturing - The AA tier includes a diverse range of companies from sectors such as power batteries, automotive parts, biomedicine, and food consumption, showcasing strong value realization capabilities [3] - Notable companies like CATL and Fuyao Glass demonstrate robust profitability and clear capital return structures, making them attractive investment opportunities [3] Social Responsibility as a Core Value - High ratings in the social dimension (S) are a common highlight among Fujian-listed companies, reflecting a deep-rooted "Min business culture" that emphasizes reputation, employee care, and community support [4] - This cultural foundation has evolved into a modern social responsibility management system, leading to superior performance in employee rights, product quality, and data privacy [4] Environmental Performance and Green Transition - Fujian companies excel in governance (G) and value (V) dimensions, but environmental (E) performance shows significant variation [5] - Companies with resource-intensive operations, such as Zijin Mining and Xiamen Tungsten, face challenges in meeting environmental standards, while firms in the environmental sector, like Longjing Environmental Protection, are emerging as leaders [5] Investment Implications - The ESG-V rankings reveal that social responsibility translates into trust premiums, which are crucial for building brand loyalty and stable cash flows [6] - Strong governance structures are essential for navigating market fluctuations, while environmental performance will increasingly differentiate competitive advantages in the future [7] - The challenge for Fujian lies in balancing excellence across all ESG dimensions to achieve sustainable development without sacrificing business efficiency [7]

经济观察网和顺石油（603353）近期股价表现强劲，近20日累计涨幅达20.70%。市场关注点主要集中 在跨界收购半导体企业、资金面活跃、业绩承压与转型预期并存以及行业环境因素等方面。 公司项目推进 行业政策与环境 作为石油石化板块成员，公司股价也可能受到原油市场动态及板块轮动的影响。例如，2026年2月初美 印贸易协议涉及印度承诺停止购买俄罗斯石油并转向美国采购，此类事件可能对全球能源市场格局产生 影响，进而引起市场对相关板块的关注。 以上内容基于公开资料整理，不构成投资建议。 根据龙虎榜数据，2026年2月2日，和顺石油因日振幅值达16.72%上榜，营业部席位合计净买入9709.40 万元。资金流向数据显示，近期主力资金呈现净流入态势，市场交投活跃。 公司基本面 公司业绩面临挑战。2025年三季报显示，营业总收入21.26亿元，同比下降0.13%；归母净利润2180.62 万元，同比下降49.44%。公司此前发布的2025年业绩预告预计净利润为亏损2200万元至1760万元，同 比由盈转亏。市场观点认为，股价表现与基本面出现一定背离，部分反映了市场对其跨界转型前景的预 期。 2025年11月，公司公告拟以 ...